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Circle Ends Bitcoin Buying & Selling for “Next-
Circle, one of the earliest and best-
The former bitcoin startup hinted at folding as a bitcoin exchange in a blog late last night.
An excerpt from that blog read:
“[W]e’re making payments more social than ever and diving headfirst into next-
While Circle will cease buying and selling of bitcoin, the company will continue to allow customers to hold bitcoin within their registered accounts, as well as receive the cryptocurrency toward a bitcoin address associated with a user’s account. Ironically, Circle is now referring users looking to buy and sell bitcoin over to Coinbase, a former competitor in the space, with which it is now in a ‘preferred partnership’ with. Current users who are looking to pull their bitcoin reserves from their Circle accounts can send it to a different address or cash out to fiat currency, with a linked bank card or account.
The announcement was further confirmed in a blog today by Circle co-
Spark will become the company’s focus moving forward, which the startup deems as “a set of protocol additions that provides a way for digital wallets to exchange value using blockchains, including Bitcoin, as settlement layers.”
Further, the co-
Elaborating further on the decision to move away from bitcoin as the company’s focus,
We have never been focused on convincing consumers to replace their familiar native currencies with bitcoin, but instead wanted to bring the benefits of public blockchains and digital assets to consumers without requiring them to know the technical details.
Spark was developed with certain key requirements including adhering to full KYC/AML
Bitcoin Scaling Concerns?
The story is one of essentially gridlock amongst core developers, while mainstream companies are using this technology. We’ve been deeply frustrated with that lack of progress, and we want to move it forward.
Spark is expected to be announced as an open source project with code to be released this week. Its implementation will also see Circle gain a presence in two new markets, South Korea and the Philippines, wherein local Fintech startups Korbit – a bitcoin exchange and Coins.ph, a financial inclusion startup, respectively, will be adopting Spark APIs. Circle Spark’s implementation in Phillipines and South Korea.
As a result, users can engage in direct fiat-
One of the best-